The Economic and Financial Crimes Commission (EFCC) has returned a total sum of ₦802,420,000 to First Bank Nigeria Plc, following the recovery of funds unlawfully taken due to a banking system error.
The handover took place on Monday, after EFCC investigations uncovered how over ₦1.3 billion belonging to the bank was mistakenly credited to an individual’s account and subsequently diverted.
How the Money Was Taken
According to the EFCC, the suspect, Ojo Eghosa Kingsley, received the massive sum after a system glitch erroneously credited his account. Rather than report the error, investigations revealed that Kingsley moved large portions of the money to accounts belonging to his mother, Itohan Ojo, and sister, Edith Okoro Osaretin.
The anti-graft agency further disclosed that part of the funds was used to finance a building project and sustain a lavish lifestyle.
EFCC Explains Recovery Process
In a statement issued on Tuesday, EFCC spokesperson Dele Oyewale confirmed that the recovery was carried out by the Benin Zonal Directorate of the commission.
“The bank, in its petition, alleged that system glitches led to the erroneous credit of Kingsley’s account. Our investigation revealed that upon receipt, the suspect transferred a substantial part of the funds to family members and diverted some to personal projects,” Oyewale said.
He added that after tracing and recovering the funds from the identified accounts, the money was restituted to First Bank through bank drafts.
Suspects Charged to Court
Oyewale confirmed that Kingsley and other implicated individuals have since been arraigned in court on charges bordering on stealing and related financial crimes.
EFCC Reaffirms Commitment
Speaking during the handover, the Deputy Commander of the EFCC and Acting Director of the Benin Zonal Directorate, Sa’ad Hanafi Sa’ad, reiterated the commission’s mandate to recover proceeds of crime and return them to rightful owners.
“The EFCC Establishment Act empowers us to restitute victims. In this case, First Bank was the victim, and we ensured recovery. Fraudsters will not benefit from crime,” he stated.
First Bank Commends EFCC
Receiving the recovered funds, First Bank’s Benin Business Manager, Olalere Ajayi, praised the EFCC for its swift and professional handling of the case, describing the agency as “one of Nigeria’s most effective and reliable institutions.”
The EFCC says it remains committed to tracking illicit funds, prosecuting offenders, and protecting victims of economic and financial crimes across the country.
Related: Viral Chat Emerges Alleging Mohbad’s Widow, Wunmi, Pushed Late Singer During Altercation
